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lackstone president Jon Gray believes the worst of commercial real estate turmoil has passed. He points to signs in the market similar to those seen before the sector's rebound in 2009, following the Great Financial Crisis. These indicators include decreasing inflation and the Federal Reserve shifting its focus. As a result, the cost of capital is dropping, making it an attractive time for investors to enter the market.

    Gray notes that investors often look back at past troubles and hesitate to re-enter the sector. However, he suggests that the best investments in 2009 were made before others recognized the recovery. Blackstone has been actively "deploying capital" this year by acquiring logistics assets in Europe and real estate in Asia. Gray is optimistic about the potential for investors to make significant gains in commercial real estate, citing the firm's experience following the financial crisis as a precedent.